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Qiaqia's nut gross profit margin in the first half of 2025 is 14.77%, while Three Squirrels' is 21.85% during the same period. The gap is nearly 7 percentage points, with Qiaqia having a higher offline proportion.
According to common sense, the gross profit margin should be higher for competitors mainly online, but the opposite is true. Even when extended to the full year, 19.63% vs. 21.85%, the difference is still over 4 points.
The category competition is fierce, raw material quality is high, and gross profit is squeezed, making the food sector extremely competitive.